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Applied Industrial Technologies, Inc. (NYSE: AIT) is a leading industrial distributor that provides over five million parts to maintenance, repair, and operations (MRO) and original equipment manufacturing (OEM) customers across virtually every industry. With fiscal 2014 sales of $2.5 billion, the company supplies critical products and services, including bearings, power transmission components, fluid power systems, industrial rubber products, and linear motion components. Applied Industrial Technologies also offers engineering, design, and systems integration services for industrial and fluid power applications, as well as customized mechanical and rubber fabrication services. Its offerings extend to maintenance training and inventory management solutions, adding significant value to its clientele.
The company operates more than 560 facilities and nine distribution centers, primarily in North America, Australia, and New Zealand. This extensive network supports a robust supply chain and ensures timely delivery of essential components. Recently, Applied Industrial Technologies has reported significant financial growth, with net sales reaching $1.1 billion, a 15.4% year-over-year increase, and net income of $97.2 million. The company’s EBITDA also saw a 29.2% increase to $140.3 million.
Applied continues to innovate and expand its services, as evidenced by the recent acquisition of Grupo Kopar, enhancing its automation platform and footprint in Mexico. The company's commitment to sustainability and responsible business practices is highlighted in its 2023 Environmental, Social & Governance (ESG) Report. The company’s strategic initiatives and robust financial health position it favorably within the industrial sector.
For more information, visit www.applied.com.
Applied Industrial Technologies reported net sales of $1.1 billion for fiscal Q2 2023, up 20.9% year-over-year, achieving an organic growth of 21.1%. The company recorded net income of $80.5 million, translating to an EPS of $2.05, reflecting a 40.8% increase YoY. EBITDA rose to $125.5 million, indicating a 35.6% growth. The quarterly dividend increased to $0.35 per share. The company raised its fiscal 2023 guidance, projecting EPS between $8.10 and $8.50, and sales growth of 13% to 15%.
Applied Industrial Technologies (NYSE: AIT) will release its fiscal 2023 second quarter financial results on January 26, 2023, before market opening. The quarter ended December 31, 2022. A conference call will follow at 10 a.m. ET to discuss performance and outlook. Investors can access a supplemental presentation on the Company's website. Replays will be available for two weeks post-call. Applied is a key distributor and solutions provider in industrial motion and related sectors, serving a diverse range of end users.
Applied Industrial Technologies (AIT) has acquired Automation, Inc., a company specializing in automation solutions such as machine vision and robotics. This strategic move aims to enhance AIT's automation offerings and expand its footprint in the U.S. Upper Midwest.
CEO Neil A. Schrimsher noted the acquisition aligns with AIT’s growth strategy and capitalizes on increasing demand for advanced automation technologies. Automation, Inc. brings valuable relationships and expertise beneficial for AIT's market expansion.
Applied Industrial Technologies (AIT) reported a robust fiscal Q1 2023, with net sales reaching $1.1 billion, a 19.1% increase year-over-year. Net income stood at $76.9 million, translating to EPS of $1.97, up 45% YoY. EBITDA rose 34.2% to $118.7 million. The company is raising its fiscal 2023 guidance, now projecting EPS of $6.90 to $7.55 and sales growth of 5% to 9%. A quarterly dividend of $0.34 per share was also announced.
Applied Industrial Technologies (NYSE: AIT) will release its fiscal 2023 first quarter financial results on October 27, 2022, before market opens. The quarter ended on September 30, 2022. A conference call is scheduled for 10 a.m. ET on the same day, allowing analysts and investors to discuss the Company’s performance and future outlook. Participants can join via telephone or online. A supplemental presentation detailing the quarter's results will be available on the Company’s website.
Applied Industrial Technologies (NYSE: AIT) has been recognized as a 2022 NorthCoast 99 award winner for the 21st time. This award, presented by the Employers Resource Council, honors organizations in Northeast Ohio that excel in creating an outstanding workplace. The evaluation process considers aspects such as employee engagement, talent development, and diversity. Kurt Loring, VP of HR, highlighted this recognition as a testament to the company's commitment to talent development and employee success.
Applied Industrial Technologies (NYSE: AIT) has appointed Shelly M. Chadwick, Vice President and CFO of Materion Corporation (NYSE: MTRN), to its Board of Directors. Chadwick brings over 20 years of financial and operational experience, previously holding senior roles at The Timken Company and other organizations. Chairman Peter C. Wallace welcomed her addition, stating it will enhance governance during a critical growth phase as the company approaches its centennial. The board now consists of nine members, with eight being independent.
Applied Industrial Technologies reported strong fourth quarter results for fiscal 2022, with net sales of $1.1 billion, marking an 18.5% increase year-over-year. Net income was $79.1 million or $2.02 per share, reflecting a 34.4% increase. Full-year net sales reached $3.8 billion, up 17.8% year-over-year, while net income totaled $257.4 million with an EPS of $6.58. The company announced a new 1.5 million share repurchase program and provided fiscal 2023 EPS guidance of $6.65 to $7.30, reflecting ongoing economic uncertainties.
Applied Industrial Technologies (NYSE: AIT) has launched its new 2022/2023 Applied® Product Catalog, featuring nearly 30,000 maintenance and industrial items from over 180 manufacturers. The catalog offers a diverse selection ranging from bearings and belts to hydraulic components and safety items, serving both MRO and OEM customers. It includes technical information and troubleshooting guides to help professionals reduce downtime and enhance productivity. The catalog is available in print and digital formats, accessible via the company's website and mobile app.
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